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Philadelphia, PA /

LoanMajor LLC

Estimating student loans in the college application and selection process so students do not take out unaffordable amounts of loans.

Founders

LoanMajor was conceived on the premise that many students attend college not knowing what they are going to owe at graduation, or even if they will be able to afford their payments. Paying for college is not like buying a car where you know what you will owe when you sign on the dotted line. We designed tools to estimate student loans for two parts the college enrollment process.

The first calculator, College Search Calculator, uses average net prices (average out of pocket costs based on family income) to estimate total student loans for first year bachelor's students during the application process. You can then get a quick estimate of whether you should apply to this school based on affordability.

The second calculator, College Selection Calculator, uses a financial aid package upon acceptance to a college to get a more accurate estimate of what your debt will be at graduation. You can then compare the financial aid packages of different schools to make your final selection of which school to enroll.

Both of these calculators ask for an estimated starting salary to try and determine a payment plan that will be affordable, even if you have to extend out the length of the term of the loan. The ultimate goal is to bring down the high student loan default rates and help save the upcoming generation from mistakes made by millennials.